Consider a European call option and a put option on a stock. Both options have a strike price of $20 and an expiration date in 3 months. Both sell for $3. The continuously compounded risk-free interest rate is 10% per year, the current stock price is $19, and a $1 dividend is expected in one month. (1) Explain whether there is an arbitrage opportunity. (2) How should an arbitrager trade to take advantage the opportunity if it exists. Detail the transactions.